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The Gruber Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $680 $770 $750 $920 Accounts receivable
The Gruber Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $680 $770 $750 $920 Accounts receivable at the beginning of the year are $215. The company has a 45-day collection period. a. Calculate cash collections in each of the four quarters by completing the following: (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. A negative answer should be indicated by a minus sign.) Answer is complete and correct. Q1 04 $ 215.00$ Beginning receivables Sales Q2 340.00 $ 770.00 Q3 385.00$ 750.00 375.00 920.00 680.00 Cash collections Ending receivables -555.00 340.00 $ -725.00 385.00$ -760.00 375.00$ -835.00 460.00 $ b. Recalculate the cash collections with a collection period of 60 days. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. A negative answer should be indicated by a minus sign.) Answer is not complete. Q1 02 03 Q4 215.00 Beginning receivables Sales 680.00 770.00 750.00 920.00 -487.00 X Cash collections Ending receivables c. Recalculate the cash collections with a collection period of 30 days. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. A negative answer should be indicated by a minus sign.) Answer is not complete. Q1 Q2 Q3 Q4 $ Beginning receivables Sales 215.00 680.00 770.00 750.00 920.00 Cash collections Ending receivables
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